Which of the following would not be studied in microeconomics?
A. How an early freeze in California will affect the price of fruit.
B. Whether the federal budget should be balanced.
C. Whether to study or watch TV tonight.
D. How individual firms decide how much to produce.
Answer: B
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The twin responsibilities of the Federal Reserve is called the:
A. dual mandate. B. double duty. C. twin spin. D. two tasks.
The market
A. Always provides a better mix of goods and services without government intervention than it does with government intervention. B. May not produce the optimal mix of output, which is known as government failure. C. On its own may not always provide the optimal mix of goods and services. D. Always provides the optimal mix of goods and services.
If we assume that labor is the only variable input, the slope of the total product curve in the short run
A. measures the average product of labor. B. has no economic significance. C. measures the marginal product of labor. D. measures both the marginal and average product at all points on the total product curve.
Refer to the information. The marginal cost of the third unit of output is:
The Sunshine Corporation finds that its costs are $40 when it produces no output. Its total variable costs (TVC) change with output as shown in the accompanying table. Use this information to answer the following question.
A. $105.
B. $25.
C. $15.
D. $20.